Dogecoin collapses: now is the time to invest? | Personal finance
Will Dogecoin continue to grow?
So, if Dogecoin lacks real utility and competitive advantage, why is its price increasing faster than its competition? This is due to its popularity with online investors and celebrities.
Famous billionaires like Elon Musk and Mark Cuban have been promoting Dogecoin on social media, and retail investors have jumped on the bandwagon and sent the price of Dogecoin to the moon. However, this type of short-term growth is likely unsustainable, and there’s a good chance Dogecoin won’t continue this upward trajectory any longer.
That’s not to say Dogecoin is doomed for failure. It has certainly surprised people in the past, and if it continues to improve and develop a real competitive advantage in the industry, it could potentially go a long way. Right now, however, investing in Dogecoin is more like gambling than investing.
Dogecoin may be on sale right now, but that doesn’t necessarily make it a good investment. Before investing anywhere, ask yourself if this investment has solid fundamentals and will be a solid investment over the long term. Dogecoin may not be suitable, but there are many better options.